Reg Weatherly's practice concentrates primarily on financial institution acquisitions by way of all-asset purchases, complex loan portfolio sales and due diligence, and complex financial transactions — typically involving restructurings, international financings, trade finance, or large syndicated credit facilities — as well as transaction-related federal and state bank regulatory compliance matters. Reg is the co-chair of the Financial Institution Asset Sales & Acquisitions Group
On behalf of U.S. and non-U.S. banks and other financial services providers, his practice has included representing the acquirer of Riggs National Bank in 2004 in an all-asset acquisition, the sale of the commercial loans of 61 branches in a DOJ-ordered branch divestiture, and the sale in 2012 of all commercial loans in connection with the largest sale of branches in the United States. Other significant work has included the representation at the outset of the recent financial crisis of the administrative agent in a successful restructuring of $1.5 billion of the indebtedness of a major homebuilder, cross-border workouts, offshore financings, complex letter of credit transactions and litigation, trade finance, complex leasing facilities, and bank compliance counseling in the areas of non-banking activities and corporate banking regulatory matters.
Reg plus the other co-chair of the Financial Institutions Asset Sales & Acquisitions Group and the firm's Information Technology department have developed over the years a unique software program as the basis for an efficient and cost-effective approach to selling large quantities of loans with the result that the preparation of sometimes over 50,000 original transfer documents can be made prudently manageable. Among other benefits, this approach allows both the seller and buyer to achieve finality in the transfer of an all-bank or smaller asset sale while employing alternative pricing as an aid to predictability in the parties' costs. The system has also been employed to due diligence loan portfolios and to catalogue a client's nearly overwhelming number of mortgaged parcels.
Among Reg's clients have been super regional and numerous international banks and their affiliates acting as sellers or buyers of all-bank assets or large loan portfolios or as agents in large syndicated credits, as well as large publicly held and private non-bank companies involved in the international or domestic marketplace, engaged in issuing significant debt, negotiating swap transactions, or requiring opinions of borrower's counsel. Over the years, Reg has gained special experience in the healthcare, telecom, homebuilder, and retail industries. Within the firm, Reg was for seven years the training coordinator for the 100+ members of the firm's Financial Institutions Section, and he is an active member of the firm's Opinion Committee with respect to secured transactions.
Reg was the Reporter to the UCC Article 5 (Letters of Credit) Sub-Committee of the Pennsylvania Bar's Corporation Banking and Business Law Section and was a member of the UCC Article 7 Sub-Committee of the same section of the Pennsylvania Bar.
Reg regularly provides seminars to banks and business groups on various international finance, secured transaction, letter of credit, and bank compliance topics. He has authored and co-authored articles and books on letters of credit, secured transactions, international financial frauds, financial institution customer privacy, permitted activities of banks, and the legal aspects of secured commercial lending.
Reg has been a banking lawyer for over 30 years and began his career practicing banking law with the then-largest law firm in Florida, and later became an in-house attorney when he joined a successful bank turnaround team in Pittsburgh, eventually rising to co-general counsel of the holding company. He developed and directed the banking department of a medium-size law firm prior to joining Buchanan in 1992.